Company Quick10K Filing
CNA Financial
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-02-09
10-Q 2020-09-30 Filed 2020-11-02
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-11
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-17
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-19
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-23
8-K 2021-02-08
8-K 2020-12-30
8-K 2020-11-02
8-K 2020-08-11
8-K 2020-08-10
8-K 2020-08-03
8-K 2020-07-15
8-K 2020-05-04
8-K 2020-04-29
8-K 2020-03-06
8-K 2020-02-25
8-K 2020-02-10
8-K 2019-12-19
8-K 2019-10-28
8-K 2019-08-05
8-K 2019-05-01
8-K 2019-04-29
8-K 2019-04-24
8-K 2019-02-11
8-K 2018-12-03
8-K 2018-11-05
8-K 2018-09-05
8-K 2018-08-01
8-K 2018-07-30
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-04-06
8-K 2018-02-12

CNA 10Q Quarterly Report

Part I
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 a2021q1cnaex311.htm
EX-31.2 a2021q1cnaex312.htm
EX-32.1 a2021q1cnaex321.htm
EX-32.2 a2021q1cnaex322.htm

CNA Financial Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

cna-20210331
000002117512/312021Q1FALSEP9MP1YP1Y00000211752021-01-012021-03-310000021175exch:XNYS2021-01-012021-03-310000021175exch:XCHI2021-01-012021-03-31xbrli:shares00000211752021-05-05iso4217:USD00000211752020-01-012020-03-31iso4217:USDxbrli:shares0000021175us-gaap:InvestmentsMember2021-01-012021-03-310000021175us-gaap:InvestmentsMember2020-01-012020-03-310000021175us-gaap:OtherInvestmentsMember2021-01-012021-03-310000021175us-gaap:OtherInvestmentsMember2020-01-012020-03-3100000211752021-03-3100000211752020-12-3100000211752019-12-3100000211752020-03-310000021175us-gaap:CommonStockMember2020-12-310000021175us-gaap:CommonStockMember2019-12-310000021175us-gaap:CommonStockMember2021-03-310000021175us-gaap:CommonStockMember2020-03-310000021175us-gaap:AdditionalPaidInCapitalMember2020-12-310000021175us-gaap:AdditionalPaidInCapitalMember2019-12-310000021175us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000021175us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000021175us-gaap:AdditionalPaidInCapitalMember2021-03-310000021175us-gaap:AdditionalPaidInCapitalMember2020-03-310000021175us-gaap:RetainedEarningsMember2020-12-310000021175us-gaap:RetainedEarningsMember2019-12-310000021175srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2020-12-310000021175srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310000021175srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2020-12-310000021175srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2019-12-310000021175us-gaap:RetainedEarningsMember2021-01-012021-03-310000021175us-gaap:RetainedEarningsMember2020-01-012020-03-310000021175us-gaap:RetainedEarningsMember2021-03-310000021175us-gaap:RetainedEarningsMember2020-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000021175us-gaap:TreasuryStockMember2020-12-310000021175us-gaap:TreasuryStockMember2019-12-310000021175us-gaap:TreasuryStockMember2021-01-012021-03-310000021175us-gaap:TreasuryStockMember2020-01-012020-03-310000021175us-gaap:TreasuryStockMember2021-03-310000021175us-gaap:TreasuryStockMember2020-03-31xbrli:pure0000021175cna:LoewsMembercna:CNAFConsolidatedMember2021-03-310000021175us-gaap:FixedIncomeSecuritiesMember2021-01-012021-03-310000021175us-gaap:FixedIncomeSecuritiesMember2020-01-012020-03-310000021175us-gaap:EquitySecuritiesMember2021-01-012021-03-310000021175us-gaap:EquitySecuritiesMember2020-01-012020-03-310000021175us-gaap:LimitedPartnerMember2021-01-012021-03-310000021175us-gaap:LimitedPartnerMember2020-01-012020-03-310000021175us-gaap:MortgagesMember2021-01-012021-03-310000021175us-gaap:MortgagesMember2020-01-012020-03-310000021175us-gaap:ShortTermInvestmentsMember2021-01-012021-03-310000021175us-gaap:ShortTermInvestmentsMember2020-01-012020-03-310000021175cna:TradingPortfolioSecuritiesMember2021-01-012021-03-310000021175cna:TradingPortfolioSecuritiesMember2020-01-012020-03-310000021175cna:OtherInvestmentIncomeMember2021-01-012021-03-310000021175cna:OtherInvestmentIncomeMember2020-01-012020-03-310000021175us-gaap:CommonStockMember2021-01-012021-03-310000021175us-gaap:CommonStockMember2020-01-012020-03-310000021175us-gaap:PreferredStockMember2021-01-012021-03-310000021175us-gaap:PreferredStockMember2020-01-012020-03-310000021175us-gaap:FixedIncomeSecuritiesMember2021-03-310000021175us-gaap:FixedIncomeSecuritiesMember2020-12-310000021175us-gaap:FixedIncomeSecuritiesMember2020-03-310000021175us-gaap:CorporateDebtSecuritiesMember2020-12-310000021175us-gaap:AssetBackedSecuritiesMember2020-12-310000021175us-gaap:CorporateDebtSecuritiesMember2021-01-012021-03-310000021175us-gaap:AssetBackedSecuritiesMember2021-01-012021-03-310000021175us-gaap:CorporateDebtSecuritiesMember2021-03-310000021175us-gaap:AssetBackedSecuritiesMember2021-03-310000021175us-gaap:CorporateDebtSecuritiesMember2019-12-310000021175us-gaap:AssetBackedSecuritiesMember2019-12-310000021175us-gaap:CorporateDebtSecuritiesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000021175us-gaap:AssetBackedSecuritiesMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000021175srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000021175us-gaap:CorporateDebtSecuritiesMember2020-01-012020-03-310000021175us-gaap:AssetBackedSecuritiesMember2020-01-012020-03-310000021175us-gaap:CorporateDebtSecuritiesMember2020-03-310000021175us-gaap:AssetBackedSecuritiesMember2020-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000021175us-gaap:ResidentialMortgageBackedSecuritiesMember2021-03-310000021175us-gaap:CommercialMortgageBackedSecuritiesMember2021-03-310000021175us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-03-310000021175us-gaap:USTreasuryAndGovernmentMember2021-03-310000021175us-gaap:ForeignGovernmentDebtSecuritiesMember2021-03-310000021175us-gaap:RedeemablePreferredStockMember2021-03-310000021175us-gaap:FixedMaturitiesMember2021-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000021175us-gaap:ResidentialMortgageBackedSecuritiesMember2020-12-310000021175us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310000021175us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-12-310000021175us-gaap:USTreasuryAndGovernmentMember2020-12-310000021175us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000021175us-gaap:RedeemablePreferredStockMember2020-12-310000021175us-gaap:FixedMaturitiesMember2020-12-310000021175cna:DebtToValueRatioLessThan55PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioGreaterThanOrEqualto1.6Member2021-03-310000021175us-gaap:MortgagesMembercna:DebtToValueRatioEqualTo55To65PercentMembercna:DebtServiceCoverageRatioGreaterThanOrEqualto1.6Member2021-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioGreaterThanOrEqualto1.6Membercna:DebtToValueRatioGreaterThan65PercentMember2021-03-310000021175cna:DebtToValueRatioLessThan55PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioBetween1.2And1.6Member2021-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioBetween1.2And1.6Membercna:DebtToValueRatioEqualTo55To65PercentMember2021-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioBetween1.2And1.6Membercna:DebtToValueRatioGreaterThan65PercentMember2021-03-310000021175cna:DebtToValueRatioLessThan55PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioLessThanOrEqualTo1.2Member2021-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioLessThanOrEqualTo1.2Membercna:DebtToValueRatioEqualTo55To65PercentMember2021-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioLessThanOrEqualTo1.2Membercna:DebtToValueRatioGreaterThan65PercentMember2021-03-310000021175us-gaap:MortgagesMember2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2021-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2021-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2021-03-310000021175us-gaap:FairValueInputsLevel1Member2021-03-310000021175us-gaap:FairValueInputsLevel2Member2021-03-310000021175us-gaap:FairValueInputsLevel3Member2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2021-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2021-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2021-03-310000021175us-gaap:CommonStockMember2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2021-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2021-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2021-03-310000021175us-gaap:PreferredStockMember2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2020-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2020-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2020-12-310000021175us-gaap:FairValueInputsLevel1Member2020-12-310000021175us-gaap:FairValueInputsLevel2Member2020-12-310000021175us-gaap:FairValueInputsLevel3Member2020-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2020-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2020-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2020-12-310000021175us-gaap:CommonStockMember2020-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2020-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2020-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2020-12-310000021175us-gaap:PreferredStockMember2020-12-310000021175us-gaap:CorporateDebtSecuritiesMember2020-12-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000021175us-gaap:AssetBackedSecuritiesMember2020-12-310000021175us-gaap:EquitySecuritiesMember2020-12-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:CorporateDebtSecuritiesMember2021-01-012021-03-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-03-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:AssetBackedSecuritiesMember2021-01-012021-03-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:EquitySecuritiesMember2021-01-012021-03-310000021175cna:NetRealizedInvestmentGainLossesMember2021-01-012021-03-310000021175cna:OtherRevenuesMemberus-gaap:CorporateDebtSecuritiesMember2021-01-012021-03-310000021175cna:OtherRevenuesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-03-310000021175cna:OtherRevenuesMemberus-gaap:AssetBackedSecuritiesMember2021-01-012021-03-310000021175cna:OtherRevenuesMemberus-gaap:EquitySecuritiesMember2021-01-012021-03-310000021175cna:OtherRevenuesMember2021-01-012021-03-310000021175us-gaap:CorporateDebtSecuritiesMember2021-01-012021-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-03-310000021175us-gaap:AssetBackedSecuritiesMember2021-01-012021-03-310000021175us-gaap:EquitySecuritiesMember2021-01-012021-03-310000021175us-gaap:CorporateDebtSecuritiesMember2021-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2021-03-310000021175us-gaap:AssetBackedSecuritiesMember2021-03-310000021175us-gaap:EquitySecuritiesMember2021-03-310000021175us-gaap:CorporateDebtSecuritiesMember2019-12-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2019-12-310000021175us-gaap:AssetBackedSecuritiesMember2019-12-310000021175us-gaap:EquitySecuritiesMember2019-12-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:CorporateDebtSecuritiesMember2020-01-012020-03-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-03-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:AssetBackedSecuritiesMember2020-01-012020-03-310000021175cna:NetRealizedInvestmentGainLossesMemberus-gaap:EquitySecuritiesMember2020-01-012020-03-310000021175cna:NetRealizedInvestmentGainLossesMember2020-01-012020-03-310000021175cna:OtherRevenuesMemberus-gaap:CorporateDebtSecuritiesMember2020-01-012020-03-310000021175cna:OtherRevenuesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-03-310000021175cna:OtherRevenuesMemberus-gaap:AssetBackedSecuritiesMember2020-01-012020-03-310000021175cna:OtherRevenuesMemberus-gaap:EquitySecuritiesMember2020-01-012020-03-310000021175cna:OtherRevenuesMember2020-01-012020-03-310000021175us-gaap:CorporateDebtSecuritiesMember2020-01-012020-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-03-310000021175us-gaap:AssetBackedSecuritiesMember2020-01-012020-03-310000021175us-gaap:EquitySecuritiesMember2020-01-012020-03-310000021175us-gaap:CorporateDebtSecuritiesMember2020-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2020-03-310000021175us-gaap:AssetBackedSecuritiesMember2020-03-310000021175us-gaap:EquitySecuritiesMember2020-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedIncomeSecuritiesMember2021-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMember2021-03-310000021175srt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2021-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMember2021-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FixedIncomeSecuritiesMember2020-12-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMember2020-12-310000021175srt:MaximumMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMember2020-12-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMember2020-12-310000021175us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000021175us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-03-310000021175us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000021175us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000021175cna:COVID19Member2020-01-012020-03-310000021175cna:WeatherRelatedEventsMember2020-01-012020-03-310000021175cna:SpecialtySegmentMember2021-01-012021-03-310000021175cna:SpecialtySegmentMember2020-01-012020-03-310000021175cna:CommercialSegmentMember2021-01-012021-03-310000021175cna:CommercialSegmentMember2020-01-012020-03-310000021175cna:InternationalSegmentMember2021-01-012021-03-310000021175cna:InternationalSegmentMember2020-01-012020-03-310000021175us-gaap:CorporateAndOtherMember2021-01-012021-03-310000021175us-gaap:CorporateAndOtherMember2020-01-012020-03-310000021175cna:AsbestosandEnvironmentalReservesMember2010-12-310000021175cna:AsbestosandEnvironmentalReservesMember2020-12-310000021175cna:AsbestosandEnvironmentalReservesMember2021-03-3100000211752021-02-0500000211752021-02-052021-02-0500000211752020-01-012021-02-050000021175cna:GuaranteeandIndemnificationMember2021-03-310000021175cna:GuaranteeandIndemnificationMember2020-12-310000021175us-gaap:GuaranteeObligationsMember2021-03-310000021175us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000021175us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-03-310000021175cna:InsuranceClaimsandPolicyholdersBenefitsIncludingPolicyholdersDividendsMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000021175us-gaap:OtherExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000021175cna:InsuranceClaimsandPolicyholdersBenefitsIncludingPolicyholdersDividendsMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-03-310000021175us-gaap:OtherExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-03-310000021175us-gaap:InvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000021175us-gaap:InvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310000021175us-gaap:InvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000021175us-gaap:InvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000021175us-gaap:InvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000021175us-gaap:InvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2020-03-31cna:segment0000021175cna:CoreSegmentsSpecialtyCommercialAndInternationalMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2021-01-012021-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2021-01-012021-03-310000021175cna:LifeAndGroupNonCoreSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2021-01-012021-03-310000021175us-gaap:IntersegmentEliminationMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2021-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2021-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2021-03-310000021175cna:LifeAndGroupNonCoreSegmentMemberus-gaap:OperatingSegmentsMember2021-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2021-03-310000021175us-gaap:IntersegmentEliminationMember2021-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2020-01-012020-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2020-01-012020-03-310000021175cna:LifeAndGroupNonCoreSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-01-012020-03-310000021175us-gaap:IntersegmentEliminationMember2020-01-012020-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2020-12-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2020-12-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2020-12-310000021175cna:LifeAndGroupNonCoreSegmentMemberus-gaap:OperatingSegmentsMember2020-12-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-12-310000021175us-gaap:IntersegmentEliminationMember2020-12-310000021175cna:ManagementandProfessionalLiabilityMemberus-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2021-01-012021-03-310000021175cna:ManagementandProfessionalLiabilityMemberus-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2020-01-012020-03-310000021175cna:SuretyMemberus-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2021-01-012021-03-310000021175cna:SuretyMemberus-gaap:OperatingSegmentsMembercna:SpecialtySegmentMember2020-01-012020-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtySegmentMembercna:WarrantyAlternativeRisksMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtySegmentMembercna:WarrantyAlternativeRisksMember2020-01-012020-03-310000021175cna:CommercialSegmentMembercna:MiddleMarketsMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000021175cna:CommercialSegmentMembercna:MiddleMarketsMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000021175cna:CommercialSegmentMemberus-gaap:ConstructionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000021175cna:CommercialSegmentMemberus-gaap:ConstructionMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMembercna:SmallBusinessMember2021-01-012021-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMembercna:SmallBusinessMember2020-01-012020-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMembercna:OtherCommercialInsuranceMember2021-01-012021-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMembercna:OtherCommercialInsuranceMember2020-01-012020-03-310000021175cna:CNACanadaMemberus-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2021-01-012021-03-310000021175cna:CNACanadaMemberus-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2020-01-012020-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMembercna:CNAEuropeMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMembercna:CNAEuropeMember2020-01-012020-03-310000021175us-gaap:OperatingSegmentsMembercna:HardyMembercna:InternationalSegmentMember2021-01-012021-03-310000021175us-gaap:OperatingSegmentsMembercna:HardyMembercna:InternationalSegmentMember2020-01-012020-03-3100000211752021-04-012021-03-3100000211752022-01-012021-03-3100000211752023-01-012021-03-3100000211752024-01-012021-03-31




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 1-5823
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-6169860
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
151 N. Franklin 60606
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
(312) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par value $2.50"CNA"New York Stock Exchange
Chicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of May 5, 2021, 271,656,848 shares of common stock were outstanding.





Item NumberPage
Number
PART I
1.
2.
3.
4.
PART II
1.
1A.
2.
6.
2

Table of Contents
PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Three months ended March 31
(In millions, except per share data)20212020
Revenues
Net earned premiums$1,962 $1,869 
Net investment income504 329 
Net investment gains (losses)57 (216)
Non-insurance warranty revenue338 301 
Other revenues5 8 
Total revenues2,866 2,291 
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits1,506 1,425 
Amortization of deferred acquisition costs359 344 
Non-insurance warranty expense311 281 
Other operating expenses 284 299 
Interest28 31 
Total claims, benefits and expenses2,488 2,380 
Income (loss) before income tax378 (89)
Income tax (expense) benefit(66)28 
Net income (loss)$312 $(61)
Basic earnings (loss) per share$1.15 $(0.23)
Diluted earnings (loss) per share$1.14 $(0.23)
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic271.9271.5
Diluted272.9271.5
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

3

Table of Contents
CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
Three months ended March 31
(In millions)20212020
Comprehensive Loss
Net income (loss)$312 $(61)
Other Comprehensive Loss, net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses (11)
Net unrealized gains and losses on other investments(627)(1,044)
Net unrealized gains and losses on investments(627)(1,055)
Foreign currency translation adjustment2 (77)
Pension and postretirement benefits9 11 
Other comprehensive loss, net of tax(616)(1,121)
Total comprehensive loss$(304)$(1,182)
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
4

Table of Contents
CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)March 31, 2021 (Unaudited) December 31, 2020
Assets  
Investments:  
Fixed maturity securities at fair value (amortized cost of $39,291 and $38,953, less allowance for credit loss of $43 and $40)
$43,579 $44,631 
Equity securities at fair value (cost of $927 and $941)
984 992 
Limited partnership investments1,654 1,619 
Other invested assets77 76 
Mortgage loans (less allowance for uncollectible receivables of $26 and $26)
1,043 1,068 
Short term investments1,334 1,907 
Total investments48,671 50,293 
Cash588 419 
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $21)
5,111 4,457 
Insurance receivables (less allowance for uncollectible receivables of $33 and $33)
2,652 2,607 
Accrued investment income399 380 
Deferred acquisition costs741 708 
Deferred income taxes197 66 
Property and equipment at cost (less accumulated depreciation of $243 and $231)
244 252 
Goodwill148 148 
Deferred non-insurance warranty acquisition expense3,149 3,068 
Other assets1,813 1,628 
Total assets$63,713 $64,026 
Liabilities  
Insurance reserves: 
Claim and claim adjustment expenses$23,056 $22,706 
Unearned premiums5,319 5,119 
Future policy benefits12,772 13,318 
Long term debt2,777 2,776 
Deferred non-insurance warranty revenue4,119 4,023 
Other liabilities (includes $130 and $89 due to Loews Corporation)
3,581 3,377 
Total liabilities51,624 51,319 
Commitments and contingencies (Notes C and F)
Stockholders' Equity  
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,644,861 and 271,391,603 shares outstanding)
683 683 
Additional paid-in capital2,194 2,211 
Retained earnings9,084 9,081 
Accumulated other comprehensive income187 803 
Treasury stock (1,395,382 and 1,648,640 shares), at cost
(59)(71)
Total stockholders’ equity12,089 12,707 
Total liabilities and stockholders' equity$63,713 $64,026 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
5

Table of Contents
CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three months ended March 31
(In millions)20212020
Cash Flows from Operating Activities  
Net income (loss)$312 $(61)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Deferred income tax expense (benefit)30 (37)
Trading portfolio activity(8)7 
Net investment (gains) losses(57)216 
Equity method investees14 98 
Net amortization of investments(24)(15)
Depreciation and amortization14 16 
Changes in:
Receivables, net(700)(229)
Accrued investment income(19)(8)
Deferred acquisition costs(32)(27)
Insurance reserves605 510 
Other, net(53)(258)
Net cash flows provided by operating activities82 212 
Cash Flows from Investing Activities  
Dispositions:
Fixed maturity securities - sales907 823 
Fixed maturity securities - maturities, calls and redemptions1,084 799 
Equity securities119 98 
Limited partnerships49 204 
Mortgage loans42 15 
Purchases:
Fixed maturity securities(2,203)(1,818)
Equity securities(81)(220)
Limited partnerships(61)(32)
Mortgage loans(16)(61)
Change in other investments(2)(6)
Change in short term investments573 1,267 
Purchases of property and equipment(3)(3)
Other, net 21 
Net cash flows provided by investing activities408 1,087 
Cash Flows from Financing Activities
Dividends paid to common stockholders(310)(649)
Purchase of treasury stock(3)(18)
Other, net(8)(8)
Net cash flows used by financing activities(321)(675)
Effect of foreign exchange rate changes on cash (9)
Net change in cash169 615 
Cash, beginning of year419 242 
Cash, end of period$588 $857 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
6

Table of Contents
CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Three months ended March 31
(In millions)20212020
Common Stock
Balance, beginning of period$683 $683 
Balance, end of period683 683 
Additional Paid-in Capital
Balance, beginning of period2,211 2,203 
Stock-based compensation(17)(16)
Balance, end of period2,194 2,187 
Retained Earnings
Balance, beginning of period, as previously reported9,081 9,348 
Cumulative effect adjustments from changes in accounting guidance, net of tax (5)
Balance, beginning of period, as adjusted9,081 9,343 
Dividends to common stockholders ($1.13 and $2.37 per share)
(309)(648)
Net income (loss)312 (61)
Balance, end of period9,084 8,634 
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period803 51 
Other comprehensive loss(616)(1,121)
Balance, end of period187 (1,070)
Treasury Stock
Balance, beginning of period(71)(70)
Stock-based compensation15 16 
Purchase of treasury stock (3)(18)
Balance, end of period(59)(72)
Total stockholders' equity$12,089 $10,362 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

7

Table of Contents
CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 89.5% of the outstanding common stock of CNAF as of March 31, 2021.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2020, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. The guidance requires entities to annually update cash flow assumptions, including morbidity and persistency, and update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income. This guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The guidance may be applied using either a modified retrospective transition method or a full retrospective transition method. The guidance requires restatement of prior periods presented. The Company plans to adopt on the effective date, using the modified retrospective transition method and is currently evaluating the effect the updated guidance will have on its financial statements, including the increased disclosure requirements. The annual updating of cash flow assumptions is expected to increase income statement volatility. While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of the business and related cash flows will be unchanged.





8

Table of Contents
Note B. Earnings (Loss) Per Share
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three months ended March 31, 2021, approximately 1,020 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For the same period, approximately 120 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share because the effect would have been antidilutive. For the three months ended March 31, 2020, approximately 1,015 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were excluded from the calculation of diluted loss per share because the effect would have been antidilutive due to the net loss position of the Company.
The Company repurchased 66,000 and 435,376 shares of CNAF common stock at an aggregate cost of $3 million and $18 million during the three months ended March 31, 2021 and 2020.
9

Table of Contents
Note C. Investments
The significant components of Net investment income are presented in the following table.
Three months ended March 31
(In millions)20212020
Fixed maturity securities$428 $438 
Equity securities29 (44)
Limited partnership investments43 (70)
Mortgage loans14 14 
Short term investments 7 
Trading portfolio5 1 
Other2  
Gross investment income521 346 
Investment expense(17)(17)
Net investment income$504 $329 
During the three months ended March 31, 2021 and 2020, $13 million    and $(45) million of Net investment income was recognized due to the change in fair value of common stock still held as of March 31, 2021 and 2020.
Net investment gains (losses) are presented in the following table.
Three months ended March 31
(In millions)20212020
Net investment gains (losses):
Fixed maturity securities:
Gross gains$58 $29 
Gross losses(20)(104)
Net investment gains (losses) on fixed maturity securities38 (75)
Equity securities2 (133)
Derivatives17 5 
Mortgage loans (13)
Net investment gains (losses)$57 $(216)
During the three months ended March 31, 2021 and 2020, $2 million of gains and $(133) million of losses were recognized in Net investment gains (losses) due to the change in fair value of non-redeemable preferred stock still held as of March 31, 2021 and 2020.











10

Table of Contents
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $389 million, $371 million and $390 million as of March 31, 2021, December 31, 2020 and March 31, 2020 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2021$23 $17 $40 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded14  14 
Available-for-sale securities accounted for as PCD assets2  2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6  6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis   
Write-offs charged against the allowance   
Recoveries of amounts previously written off   
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period(6)(1)(7)
Balance as of March 31, 2021
$27 $16 $43 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2020$ $ $ 
Additions to the allowance for credit losses:
Impact of adopting ASC 3266  6 
Securities for which credit losses were not previously recorded48  48 
Available-for-sale securities accounted for as PCD assets1  1 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)5  5 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1  1 
Write-offs charged against the allowance   
Recoveries of amounts previously written off   
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period   
Balance as of March 31, 2020
$49 $ $49 






11

Table of Contents
The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Three months ended March 31
(In millions)20212020
Fixed maturity securities available-for-sale:
Corporate and other bonds$7 $91 
Asset-backed(1)1 
Impairment losses recognized in earnings$6 $92 
There were no losses recognized on mortgage loans during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company recognized $13 million of losses related to mortgage loans due to changes in expected credit losses.
12

Table of Contents
The following tables present a summary of fixed maturity securities.
March 31, 2021Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance
for Credit
 Losses
Estimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$21,110 $2,644 $71 $27 $23,656 
States, municipalities and political subdivisions10,041 1,590 31  11,600 
Asset-backed:
Residential mortgage-backed3,215 108 40  3,283 
Commercial mortgage-backed1,952 76 24 16 1,988 
Other asset-backed2,281 71 7  2,345 
Total asset-backed7,448 255 71 16 7,616 
U.S. Treasury and obligations of government-sponsored enterprises138 1 7  132 
Foreign government508 23 2  529 
Redeemable preferred stock12    12 
Total fixed maturity securities available-for-sale39,257 4,513 182 43 43,545 
Total fixed maturity securities trading34 — — — 34 
Total fixed maturity securities$39,291 $4,513 $182 $43 $43,579 
December 31, 2020Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance
for Credit
 Losses
Estimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$20,792 $3,578 $22 $23 $24,325 
States, municipalities and political subdivisions9,729 1,863   11,592 
Asset-backed:
Residential mortgage-backed3,442 146 1  3,587 
Commercial mortgage-backed1,933 93 42 17 1,967 
Other asset-backed2,179 81 9  2,251 
Total asset-backed7,554 320 52 17 7,805 
U.S. Treasury and obligations of government-sponsored enterprises339 2 3  338 
Foreign government512 32   544 
Redeemable preferred stock     
Total fixed maturity securities available-for-sale38,926 5,795 77 40 44,604 
Total fixed maturity securities trading27 — — — 27 
Total fixed maturity securities$38,953 $5,795 $77 $40 $44,631 
The net unrealized gains on investments included in the tables above are recorded as a component of Accumulated other comprehensive income (AOCI). When presented in AOCI, these amounts are net of tax and any required Shadow Adjustments. To the extent that unrealized gains on fixed income securities supporting certain products within the Life & Group segment would result in a premium deficiency if realized, a related increase in Insurance reserves is recorded, net of tax, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments). As of March 31, 2021 and December 31, 2020, the net unrealized gains on investments included in AOCI were correspondingly reduced by Shadow Adjustments of $2,301 million and $2,773 million.
13

Table of Contents
The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
March 31, 2021Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$1,868 $66 $82 $5 $1,950 $71 
States, municipalities and political subdivisions866 31   866 31 
Asset-backed:
Residential mortgage-backed1,584 40 12  1,596 40 
Commercial mortgage-backed320 9 285 15 605 24 
Other asset-backed337 3 97 4 434 7 
Total asset-backed2,241 52 394 19 2,635 71 
U.S. Treasury and obligations of government-sponsored enterprises65 7   65 7 
Foreign government45 2   45 2 
Total$5,085 $158 $476 $24 $5,561 $182 
Less than 12 Months12 Months or LongerTotal
December 31, 2020Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
Estimated
Fair Value
Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$609 $21 $12 $1 $621 $22 
States, municipalities and political subdivisions33    33 — 
Asset-backed:
Residential mortgage-backed71 1 11  82 1 
Commercial mortgage-backed533 40 28 2 561 42 
Other asset-backed344 9 13  357 9 
Total asset-backed948 50 52 2 1,000 52 
U.S. Treasury and obligations of government-sponsored enterprises63 3   63 3 
   Foreign government13